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MTECHTIPS;-Copper Looking Vulnerable After Recent Slide


MTECHTIPS;-Copper Looking Vulnerable After Recent Slide

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MTECHTIPS- Copper is witnessing selling pressure on rallies. The metal dropped in Asia today following a smart recovery in last session. Three year highs have already triggered a heavy sell off and the metal is looking vulnerable now despite good speculative buying. Worries regarding US auto industry demand following Hurricane Harvey had pulled the metal down in a frenzy on Friday. This onslaught seems to be weighing on the market even now as COMEX Copper is quoting off 0.62% $3.05 per pound. MCX Copper futures are likely to give back some of their yesterday’s gains on feeble global cues. MCX futures closed up 0.93% at Rs 435.10 per kg in last session. Large speculators continued to add to their net positions in the copper futures markets to the highest level in about six months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 48,865 contracts in the data reported through Tuesday September 5th. This was a weekly gain of 5,213 contracts from the previous week which had a total of 43,652 net contracts. Speculative positions have now risen for eight straight weeks and are currently near their highest levels since February this year

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MTECHTIPS;-Copper Looking Vulnerable After Recent Slide


MTECHTIPS;-Copper Looking Vulnerable After Recent Slide

cooppp

MTECHTIPS- Copper is witnessing selling pressure on rallies. The metal dropped in Asia today following a smart recovery in last session. Three year highs have already triggered a heavy sell off and the metal is looking vulnerable now despite good speculative buying. Worries regarding US auto industry demand following Hurricane Harvey had pulled the metal down in a frenzy on Friday. This onslaught seems to be weighing on the market even now as COMEX Copper is quoting off 0.62% $3.05 per pound. MCX Copper futures are likely to give back some of their yesterday’s gains on feeble global cues. MCX futures closed up 0.93% at Rs 435.10 per kg in last session. Large speculators continued to add to their net positions in the copper futures markets to the highest level in about six months, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 48,865 contracts in the data reported through Tuesday September 5th. This was a weekly gain of 5,213 contracts from the previous week which had a total of 43,652 net contracts. Speculative positions have now risen for eight straight weeks and are currently near their highest levels since February this year

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MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks


MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

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MTECHTIPS – Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. (1617 GMT) while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia. Harvey struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation’s refineries. Now many refineries are restarting, including the largest U.S. refinery. On Monday, Motiva Enterprises restored the 325,000 barrel per day (bpd) VPS-5 crude distillation unit at its Port Arthur, Texas, refinery to minimum production levels sources said. But the oversupply of U.S. crude persists, causing a further widening in the WTI/Brent spread, said James Williams, president of energy consultant WTRG Economics.

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MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks


MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

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MTECHTIPS – Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. (1617 GMT) while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia. Harvey struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation’s refineries. Now many refineries are restarting, including the largest U.S. refinery. On Monday, Motiva Enterprises restored the 325,000 barrel per day (bpd) VPS-5 crude distillation unit at its Port Arthur, Texas, refinery to minimum production levels sources said. But the oversupply of U.S. crude persists, causing a further widening in the WTI/Brent spread, said James Williams, president of energy consultant WTRG Economics.

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MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength


MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

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MTECHTIPS – U.S. natural gas futures started the week on the front foot on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon as it barreled up the west coast, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later Monday. U.S. natural gas for October delivery was at $2.926 per million British thermal units by 8:45 AM ET (1245 GMT), up 3.5 cents, or around 1.2%. It saw a weekly loss of nearly 6% last week as traders began to react to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said. Total natural gas in storage currently stands at 3.220 trillion cubic feet, according to the U.S. Energy Information Administration, around 6.2% lower than levels at this time a year ago and mostly in line with the five-year average for this time of year

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MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength


MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

na

MTECHTIPS – U.S. natural gas futures started the week on the front foot on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon as it barreled up the west coast, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later Monday. U.S. natural gas for October delivery was at $2.926 per million British thermal units by 8:45 AM ET (1245 GMT), up 3.5 cents, or around 1.2%. It saw a weekly loss of nearly 6% last week as traders began to react to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said. Total natural gas in storage currently stands at 3.220 trillion cubic feet, according to the U.S. Energy Information Administration, around 6.2% lower than levels at this time a year ago and mostly in line with the five-year average for this time of year

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

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07489294118-119